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Author Topic: China bans mining  (Read 3782 times)
antoinesco
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September 19, 2017, 11:16:17 AM
 #1

China continuously banning trading and crypto exchanging platforms, Chinese traders and miners has already started to move on Japanese market where BTC is seen like a future.
There is a risk or a chance that the mining will be also banned in China.

So what if it will happen and mining will be prohibited in China, knowing that this country is controlling around 65% of BTC traffic, I think it will be a huge opportunity for the rest of the world's miners... and probably a big dip of all crypto currencies in the nearest future.

Useful article news.8btc.com/will-bitcoin-mining-farm-in-china-be-closed

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September 19, 2017, 11:20:33 AM
 #2

China continuously banning trading and crypto exchanging platforms, Chinese traders and miners has already started to move on Japanese market where BTC is seen like a future.
There is a risk or a chance that the mining will be also banned in China.

So what if it will happen and mining will be prohibited in China, knowing that this country is controlling around 65% of BTC traffic, I think it will be a huge opportunity for the rest of the world's miners... and probably a big dip of all crypto currencies in the nearest future.

Your thoughts

So if mining got banned in china and mining over there would ceize in a very short timeframe?
The technical aspect is rather easy to predict: There is a diff adjustment every 2016 blocks. So, for a maximum of 2016 blocks, the average time between 2 blocks would be over 20 minutes, during this time, the mempool might bloat, the average recommanded fee would rise, confirmation times would be a lot more (double if you add a high fee, or worse than double if you add a regular fee).
After a maximum of 2016 blocks, the diff would get adjusted, and the average time between 2 blocks would be ~10 minutes again and everything would normalise (with a lower network hashrate + diff).

When we're talking about the centralisation of bitcoin, then a ban on mining in china might be the best news for decentralisation we got on a long time... If china's hashrate would drop to 0, the diff would go down, making mining more profitable for the rest of us, giving miners in other countries an incentive to start mining again (even with slightly older ASIC's). Since the hashrate would get decentralised a bit more than it is now, a 51% attack might be even less likely than it is now, wich feels contratictory to the drop in hashrate, but since the drop in hashrate would be caused by the stopping of ASIC's of the people centralising the network, i think it would actually have this effect.

when talking about second hand miner trades, all ASIC's currently running in china *might* get sold to non-chinese miners, making them pretty affordable (certainly in the beginning).

When talking about the development of new ASIC's, hopefully other companies would fill the bitmain void. Non-chinese ASIC companies might even result in better end-user support, guarantee, quality,...

I don't know enough about the economic aspect of china's BTC mining to make an educated guess about this part.

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September 19, 2017, 01:28:37 PM
 #3

Stop feeding the OP Troll.
They are repeating pretty much the same query in several different areas under different new accts. Different names on acts but exact same writing style - and question.

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September 19, 2017, 01:40:07 PM
 #4

China continuously banning trading and crypto exchanging platforms, Chinese traders and miners has already started to move on Japanese market where BTC is seen like a future.
There is a risk or a chance that the mining will be also banned in China.

So.

Quote
So what if it will happen and mining will be prohibited in China, knowing that this country is controlling around 65% of BTC traffic, I think it will be a huge opportunity for the rest of the world's miners... and probably a big dip of all crypto currencies in the nearest future.
That could happen. But "China" has absolutely no "control" of bitcoin. Many Chinese people control a wallet of their own money. Many Chinese people have their own mine. The fact that China can't control bitcoin is their problem with it. It is all about China trying to control Chinese people. 

Quote
How is that "useful"? It's an article that asks the readers if there will be a ban. lol  Roll Eyes

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September 19, 2017, 01:58:03 PM
 #5

China continuously banning trading and crypto exchanging platforms, Chinese traders and miners has already started to move on Japanese market where BTC is seen like a future.
There is a risk or a chance that the mining will be also banned in China.

So.

Quote
So what if it will happen and mining will be prohibited in China, knowing that this country is controlling around 65% of BTC traffic, I think it will be a huge opportunity for the rest of the world's miners... and probably a big dip of all crypto currencies in the nearest future.
That could happen. But "China" has absolutely no "control" of bitcoin. Many Chinese people control a wallet of their own money. Many Chinese people have their own mine. The fact that China can't control bitcoin is their problem with it. It is all about China trying to control Chinese people. 

Quote
How is that "useful"? It's an article that asks the readers if there will be a ban. lol  Roll Eyes

There is indeed nothing that suggest anything new by China, after the ban there will be no more FUD. And even if China actually banned bitcoin mining, it would be extremely bullish because we don't even need that much hashrate to be safe, and the rest of the remaining miners would be very happy to find out the decrease in difficulty. Also new miners would arise taking advantage of the decrease of difficulty.

In general it would help since one of the axis of evil (Bitmain) would no longer have things so easy for them.


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September 19, 2017, 02:16:27 PM
 #6

Banning of mining seems to be next. Question: should we then prepare our gear to mine? It will be profitable and equipment prices will shoot up even higher by then. Secondly, the BTC confirmation time should be absolutely horrendous. Price will have a drop. How to prepare?

TEU Pre-ICO: 16-Aug – 20-Sep-2017
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September 19, 2017, 03:38:44 PM
 #7

I read in a couple of forums that China would be introducing a licensing program. Just like in the US you have to have a license to carry certain firearms, you would have to have a license to trade or mine crypto's. I think the Chinese government just realized how often the coins were used for illegal goods and are trying to stop that. Sounds like an interesting idea for keeping the coins clean

Contact me at Jacob@miningstore.co for questions
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September 19, 2017, 04:32:58 PM
 #8

I saw news somewhere, China only trying to show international community. The fact is, China will not ban the bitcoin mining.

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September 19, 2017, 08:40:58 PM
 #9

I am glad that this is just another FUD/rumor etc.

Just a newbie question.

Lets say that they ban mining. Then the BTC will be more rare due to the increased mining difficulty and thus the price will rise, right?
If something is more rare then its more precious. Or am I missing something?

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September 19, 2017, 09:05:36 PM
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I don't understand why people are pumping BCash after such news, when most of the mining for this coin is in China.
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September 19, 2017, 09:16:45 PM
 #11

I am glad that this is just another FUD/rumor etc.

Just a newbie question.

Lets say that they ban mining. Then the BTC will be more rare due to the increased mining difficulty and thus the price will rise, right?
If something is more rare then its more precious. Or am I missing something?


 It will make mining easier for non-Chinese, resulting in a big difficulty drop - but the price DOES NOT CARE ABOUT THE DIFFICULTY.

 It should improve PROFITABILITY a lot for those that can still mine though - fewer folks sharing the SAME SIZE pie.

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September 20, 2017, 01:50:05 AM
 #12

Quote
It will make mining easier for non-Chinese, resulting in a big difficulty drop - but the price DOES NOT CARE ABOUT THE DIFFICULTY.
Precisely.
Again preaching to the choir for some but the this is for the Newbs with little understanding on the BTC Networks most basic function: Maintaining an average time of 10 minutes for each block.

Fewer miners = lower Network hash rate so time per-block goes up. Network sees that and lowers diff to correct back to the 10 minute setpoint. Of course that mainly works the other way as well -- more/faster miners on the BTC Network and Diff goes up because blocks are solved faster (for a while).

The fact that the BCC network responds faster with its diff changes as (mainly Chinese?BCC Backers) farms keep switching back and forth between mining BTC and BCC is rather raising hell with the PID response loop of the BTC network.. An intentional 'feature' of the BCC protocol?

-Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats http://bit.ly/1Qjt6lj
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-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
philipma1957
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September 20, 2017, 02:06:33 AM
 #13

Quote
It will make mining easier for non-Chinese, resulting in a big difficulty drop - but the price DOES NOT CARE ABOUT THE DIFFICULTY.
Precisely.
Again preaching to the choir for some but the this is for the Newbs with little understanding on the BTC Networks most basic function: Maintaining an average time of 10 minutes for each block.

Fewer miners = lower Network hash rate so time per-block goes up. Network sees that and lowers diff to correct back to the 10 minute setpoint. Of course that mainly works the other way as well -- more/faster miners on the BTC Network and Diff goes up because blocks are solved faster (for a while).

The fact that the BCC network responds faster with its diff changes as (mainly Chinese?) farms keep switching back and forth between mining BTC and BCC is rather raising hell with the PID response loop of the BTC network.. An intentional 'feature' of the BCC protocol?


yes bcc is a direct attempt to  manipulate btc diff rates for profit.

I have been studying patterns  look here




look here viabtc has auto switching between  btc and bcc



BCC Stratum URL:

stratum+tcp://bcc.viabtc.com:3333

New BTC/BCC Automatic Switch Stratum URL:

stratum+tcp://smart.viabtc.com:3333


which  move hash between BCC and BTC
when BTC jumped 20% the other day  tons of hash auto switched to BCC







Please support sidehack with his new miner project Send to : 1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
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September 20, 2017, 04:37:14 AM
 #14

It will make mining easier for non-Chinese, resulting in a big difficulty drop - but the price DOES NOT CARE ABOUT THE DIFFICULTY.

This assumption may not be absolute, as if > 60% of hashing power disappears suddenly, the entire network will be at least 60% less secure. The first reaction of BTC investors / speculators is selling off. Also, the transaction fee will be raised significantly and takes at least double time to digest all pending transactions, really a disaster in short term! Surely, with time going, more and more global miners will actively participate into this game again as mining BTC becomes more profitable than before!
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September 20, 2017, 08:03:14 AM
 #15

It will make mining easier for non-Chinese, resulting in a big difficulty drop - but the price DOES NOT CARE ABOUT THE DIFFICULTY.

This assumption may not be absolute, as if > 60% of hashing power disappears suddenly, the entire network will be at least 60% less secure. The first reaction of BTC investors / speculators is selling off. Also, the transaction fee will be raised significantly and takes at least double time to digest all pending transactions, really a disaster in short term! Surely, with time going, more and more global miners will actively participate into this game again as mining BTC becomes more profitable than before!

 Transaction processing time will only get worse 'till the next difficulty period hits, so that would be a short-term issue.
 Same on transaction processing fee, though that MIGHT linger a short while past the diff change due to accumulated transaction backlog.

 The REAL question is "would this shut down the miner MAKERS like Bitmain and Innosilicon and Caanan", along with "what happens to all of the no-longer-usable miners IN China if China does in fact manage to shut down mining in the country".

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September 20, 2017, 02:00:09 PM
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It will make mining easier for non-Chinese, resulting in a big difficulty drop - but the price DOES NOT CARE ABOUT THE DIFFICULTY.

This assumption may not be absolute, as if > 60% of hashing power disappears suddenly, the entire network will be at least 60% less secure. The first reaction of BTC investors / speculators is selling off. Also, the transaction fee will be raised significantly and takes at least double time to digest all pending transactions, really a disaster in short term! Surely, with time going, more and more global miners will actively participate into this game again as mining BTC becomes more profitable than before!

 Transaction processing time will only get worse 'till the next difficulty period hits, so that would be a short-term issue.
 Same on transaction processing fee, though that MIGHT linger a short while past the diff change due to accumulated transaction backlog.

 The REAL question is "would this shut down the miner MAKERS like Bitmain and Innosilicon and Caanan", along with "what happens to all of the no-longer-usable miners IN China if China does in fact manage to shut down mining in the country".


Asking the right questions - though I think Canaan and Innosilicon are not based in china directly.  Bitmain could probably maintain its operation on the hardware manufacture side and sell to other miners, they could also move their mines to somewhere else - but that is a *big* move for the number of machines they are farming with, it would take weeks to select a location, and maybe months to start it up again. (That is, assuming they haven't been preparing for this already). There aren't that many reliable electric grids out there with cheaper power than China - I might see a local bitmain office where I live! (WA State). The other option is that Bitmain liquidates all/some of its hardware and decides to just be a manufacturer, which would be amazingly good for miners and Bitcoin as a whole - we would almost be back to the early days of mining and I wouldn't be surprised if the S5 became profitable again. The other major question as far as bitcoin's price - once it is proven that you can shut down a big operation politically, does that influence the idea of bitcoin as a currency that can't be manipulated by a government?
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September 20, 2017, 02:32:09 PM
 #17

I don't understand why people are pumping BCash after such news, when most of the mining for this coin is in China.
And most of the support for BCC. I don't get it either? An actual crypto ban in China is surely a huge blow to BCC.

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September 20, 2017, 05:45:32 PM
 #18

China continuously banning trading and crypto exchanging platforms, Chinese traders and miners has already started to move on Japanese market where BTC is seen like a future.
There is a risk or a chance that the mining will be also banned in China.

So what if it will happen and mining will be prohibited in China, knowing that this country is controlling around 65% of BTC traffic, I think it will be a huge opportunity for the rest of the world's miners... and probably a big dip of all crypto currencies in the nearest future.

Useful article news.8btc.com/will-bitcoin-mining-farm-in-china-be-closed

Your thoughts

Bitmain is one of the largest bitcoin miner machine provider who is selling all higher end antminer series in online. Since they stopped production and delivery. Many people really worry and getting miner from eBay and other mining selling sites.
Some other will be take control about mining and trading part. You can find the news that Japan invested on bitcoin mining worth of 20 million USD.



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September 20, 2017, 07:34:51 PM
 #19

...
Bitmain is one of the largest bitcoin miner machine provider who is selling all higher end antminer series in online. Since they stopped production and delivery. Many people really worry and getting miner from eBay and other mining selling sites.
Some other will be take control about mining and trading part. You can find the news that Japan invested on bitcoin mining worth of 20 million USD.
Uh huh...
Then please explain why folks on Bitmain's notification list got this today?

"We are pleased to inform you that we will release a new batch of the Antminer S9 here at 11AM tomorrow (21 September, GMT+8)!
This new batch, too, delivers a hash rate of 14TH/s and an efficiency of 0.098J/GH. Because of the high demand and the manufacturing period, shipping for this batch will start on a “first paid, first ship” basis, after 1 December 2017. If we advance the shipment, we will notify you."

Sure looks like they are still making/shipping miners to me.... Wink

-Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats http://bit.ly/1Qjt6lj
-For bitcoin to succeed the community must police itself.
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
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September 21, 2017, 12:57:53 AM
 #20

it's interesting to think about how will it affect Mining Bitcoin? How will it affect mining bitcoin cash? Will there be a decline in difficulty or just easier for other mined to find block.
would be really interesting to see how it affects things. they are the biggest miners, it will affect BTC and BCH hopefully for the better.


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